Andrew Ikeda 0 Report post Posted January 29, 2004 Hello Fellow Investors, As of today, I called another mortgage broker who has made an agreement with our company to co-broker loans in all 50 states! Before I start on this topic, I want to also mention that US Funding Group is currently waiting for a license to do loan transactions in the beautiful state of Hawaii! We are currently waiting for a bond and license to arrive in the mail and at this time anticipate a mid to late February approval. More on this later. This (50 states deal) is still new to me, our company and to the other broker so I need to be 'up front' with some things and issues. I spoke with the account executive earlier today and we agreed that I would be the 'guinea pig' on this. First, this is not going to be for everyone and for some of you, it is not going to be 'cheap' or inexpensive. It is something that is going to have some hiccups to begin with so please be aware of that. Second, this is not creative real estate and I do not claim it is closely related. My job is to put financing together to help increase your cashflow with adjustable rates or interest only type loan products. I want to assist investors with financing to assist and/or improve on the 'creative' methods of real estate investing not as a replacement to it. Also, in regards to 100% financing for non-owner occupied rates, we can do this for one to four units but there are some general conditions that apply: 1) Each state will vary on terms, rates and conditions 2) Generally speaking: your credit score should be 680 or better. 3) There is a 6 month reserve that is required to be 'seasoned' or in your bank account for the past 60 days. Example, if your property PITI is $1200 per month X 6 = $7,200. This means your bank statements or 401k or IRA accounts must show this amount for the previous 60 days prior to closing. 4) In most cases, there should be no MI 5) The above info is based on non-owner occupied. 6) I spoke with an account executive today who said she can do 100% stated income OWNER OCCUPIED down to a 620 credit score. She told me that her company is licensed in 39 states. They also have NO LIMIT to the amount of investment properties they will finance as long as they cashflow and the deals arent upside down. 7) Debt to income ratio cannot be higher than 45% and this also includes a 25% vacancy factor on the subject properties rental income. 8) The above can also be stated income. 9) Numbers 1-8 apply mostly to multi units 10) NOO SFR's are much easier to do non owner occupied (NOO) multi units. For owner occupieds, I can do 100% with a 580 FICO score. Yes, we can do commercial property. As of now, the highest LTV is 80%, seller can carry the other 20%. I tell my borrowers to factor in about 5% for closing costs. The 5% includes US Funding Group fees, the lenders fees, title and escrow, wiring fees, flood certification fees, etc, etc, etc. This is steep but I'd rather overestimate than underestimate. In addition, our co-broker also charges a $495 processing fee and .4% fee if it is done with another lender doing the loan/financing. For all you lease purchase fans, I can offer assistance in financing your buyers so you can get cashed out sooner and cut the time down. Please call me for more information if you have any questions. Several people from this website located in eight different states and Canada have contacted me for financing and I am very grateful for your concern and interest. I will be more than happy to help you if I can and to the best of my ability and time. At this time, I plan to help the first 5 people to contact me and do loan applications. This will keep me more than busy for the month of February! If you have general questions, I'll be happy to answer them but I will respond to emails on a first come first serve basis so please be patient with me! Also, please plan on about 40 -60 days for closing, recording and funding. Longer for commercial properties. Finally, my closing comments is that if you dont make money, neither do I! Hope this is of help to some of you. Thanks for your time and interest. Happy investing to all of you! Let the 'fun' begin! Andrew Ikeda (Loan Officer/Mortgage Specialist) US Funding Group, Inc. 888-889-1640 ext 220 360-433-6820 direct line 360-909-3374 mobile 360-260-3272 fax andrew.ikeda@usfundinggrp.com and/or andikeda@netscape.net Share this post Link to post Share on other sites
gerard 0 Report post Posted March 20, 2004 hi andrew i have been reading the forums on this site for a 2days now and i registered 2nite give is so helpful. what i want to know is do you operate in Virginia, if so i would i would love to tell my t/b to give you a call. thank you very much for your time Share this post Link to post Share on other sites
-Tony- 0 Report post Posted March 20, 2004 gerard, Welcome to the forum. What part of Va are you in? Share this post Link to post Share on other sites
gerard 0 Report post Posted March 20, 2004 hi tony, i am in northern virginia, the manassas- woodbridge area. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted March 20, 2004 Wish I new that about 2 month ago we might have been able to work a deal together. Seller here se va and townhome in Woodbridge. Well I know now... Share this post Link to post Share on other sites
gerard 0 Report post Posted March 22, 2004 tony sure i would like to work together on a deal..email me dudly2252000@yahoo.com and we can talk. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted March 22, 2004 Read the post better I passed him to my broker friend SORRY Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted March 23, 2004 Tony, No problem. I cant be everything to everyone and I realize that. Sorry I couldnt help out. At the time, we were told by the other mortgage company that we could indeed do all 50 states...they touted it to us and I in turn put it on this website. I'm always happy to help out where I can. I have no excuses for what happened above. Andrew Share this post Link to post Share on other sites
